. does anyone really think that lower u.s. treasury rates are what this country needs? well does anyone really think that lower rates right now, which is obviously what this bond purchasing is all about, or trying to do, will spur more lending? >> well, let me, i don't know. let me distinguish between the treasury purchases and the mbs purchases. david: yeah. >> you mentioned both in the lead-in. david: right. >> i think the mbs purchases are potentially more important, more stimulative, holding down mbs rates which holds down mortgage rates and which helps refinancing and so on. david: but if i could put a fine point on treasury purchases as opposed to old type of thing which was just a switch, switching the short term for long term. >> exactly. david: this is brand new purchases. i would argue that is the more important part of today's announcement. >> well that is the more important part of today's announcement because the mbs purchases was announced a while ago but in terms of strength on the economy i put the mbs purchases first and treasury second. look, the fed was in a quandary.